January 2024 COE Results 2nd Bidding: COEs for cars roared into life like a dragon awakened. 

Published by on . Updated on 7 Feb 2024
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In the second COE bidding exercise of 2024, Cat A closed at $81,589; Cat B closed at $112,000; Cat C closed at $68,001; Cat D closed at $9,309; while Cat E closed at $109,004.

Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,880 bids for 923 COEs and its premium climbed by $16,579. Category A COE closed at $81,589.

Cat B (car above 1600cc & 130bhp, and EV with more than 110kW) received 1,308 bids for 657 COEs and its premium climbed by $26,990. Category B COE closed at $112,000.

Cat C (goods vehicle and bus) received 394 bids for 191 COEs and its premium increased by just $402. Category C COE closed at $68,001.

Cat D (motorcycle) received 615 bids for 520 COEs and its premium increased by just $195. Category D COE closed at $9,309.

Lastly, Cat E (all vehicles except motorcycle) received 267 bids for 140 COEs and climbed by $2,616. Category E COE closed at $109,004.

Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “It was a given that Categories A, B and even E were expected to go up, but for Cat B to go beyond the figure of $110,001 (2023 December’s second bidding) was unexpected. Why would we want to bring it higher when everyone experienced a quiet showroom at the $110k mark?”

Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: “The increases in Cat A and B are within our expectations, bearing in mind that it was a huge success for Eurokars at Singapore Motorshow, both BMW and MG collected a lot of orders at the event. The market might have been expecting an even higher increase in Category A.”

Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: “It has gone up more than expected, hopefully next round drop a bit. COE quota not announced yet, that’s why. Cat A was stuck at $75k for a long time, which means the bidding power was limited. Bidders wouldn’t want to rush because they expect the next round of COE quota to be up, but Cat A $65k is unlikely to repeat. Cat B may go up, because it still doesn’t have as much quota as Cat A.” 

Adele Lee, assistant general manager of Polestar under Wearnes Automotive, told Motorist: “We expected Cat B to rebound to close to previous levels. The last round of bidding was definitely not the new norm, seeing how it was the year-end holidays, etc. We don't expect Cat B to drop in the next round with a three-week break. Cat B was oversubscribed by 99 percent, and with this group going into the next round, plus additional bids from orders collected over the next three weeks, we can only expect Cat B to increase or, at best-case, remain at current levels.”

Here is a summary of the second COE bidding exercise for January 2024:

Current COE
Previous COE
A – car up to 1600cc & 130bhp, and EV up to 110kW $81,589


+ $16,579
(Jan 2024)
(Feb 2024)
B – car above 1600cc or 130bhp, and EV above 110kW $112,000


+ $26,990
(Jan 2024) 
(Feb 2024)
C – goods vehicle and bus $68,001


+ $402
(Jan 2024) 
(Feb 2024)
D – motorcycle $9,309


+ $195
(Jan 2024)
(Feb 2024)
E – all vehicles except motorcycle $109,004


+ $2,616
Not applicable

Read More: January 2024 COE Results 1st Bidding: COEs started the new year as a silent dragon, with Cat A down by $20k to close at $65,010 and Cat B down drastically by $25k to close at $85,010 and Cat E down by $12k to close at $106,388.

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